Index trend and stocks in action February 29, 2016

The Indian market began the day on an idealistic note following a positive pattern in the Asian markets. The index traded in narrow range in the morning session, however, buying was seen post the Economic Survey 2016 tabled in the Parliament, which re-established trust in the development of Indian economy for the following two years. Finally the market finished the session with gains of about 1 per cent and concluded above the 7000 mark. The index has managed to hold on to support levels of 6950. Now going forward traders will keep a close watch on the levels of 6950, and if the index slips underneath the level of 6950 it’s prone to slide further upto levels of 6850. Today being an important monetary occasion for Indian markets we anticipate that market will trade with high instability and the wide range throughout the day would be 6850 to 7140. Breakout on either side will trigger a move of 100 points in intraday itself. However, the trend of the markets remains in the favour of bears.

EMAMI: Emami group will set up a cement girding unit an investment of Rs 500 crore in the state of West Bengal and it’s likely to be commissioned by year-end. The foundation stone of the unite (mtpa), which will have capacity of 2 million tonnes per annum, was laid by Chief Minister Mamata Banerjee in Panagarh.

Hindustan Unilever: Hindustan Unilever announced certain changes in its management by changing the responsibilities of two key executives. Samir Singh, currently vice-president and executive director, personal care, will be taking over as the global executive vice-president, Skin cleansing at parent Unilever. Sandeep Kholi will succeed singh as Vice-president and executive director, personal car. Kholi is currently Vice-president, Myanmar, Cambodia and Laos.

Dr Reddy Laboratories: Dr Reddy Laboratories has started recalling some lots of its Paricalcitol capsules of one microgram (mcg), two mcg, and four mcg strengths from the US Markets. The company has called for actions voluntarily due to reports of breakage and leakage of the capsules.

UltraTech Cement: UltraTech Cement has agreed to buy Jaiprakash Associates cements plans in six states at an enterprise value of Rs 16,500 crore. The purchase, if goes according to the plan will increase UltraTech’s cement capacity to 90.7 million tonnes and within spitting distance of its aim of achieving 100 million tonnes in a decade, a target the company’s billionaire Chariman Kumar Mangalam Birla set in the November, 2014.

Gammon India: Gammon India has informed that three of its lenders including IDBI Bank have decided to convert loans worth Rs 22.25 crore into equity.

SBI: State-owned SBI has received shareholders nod to raise up to Rs 15,000 crore by public issue or overseas issuance of shares.